Your Network is Your Net Worth: Mastering Social Capital for Business Growth

Hello and welcome to the show. I'm recording today's podcast in the kitchen and that's because the house is being cleaned. So I need a quiet place to record. And I guess the kitchen is the most quiet place for now since the kids are home and running all over, all over the place. So expect to hear interruptions in the background and the lovely noise that you can hear the back that is the neighbour's generator because our transformer is currently undergoing repairs.

You know how things can be in Nigeria, so if this is your first time listening to the show, this is not about my domestic life. The goal of this show is free business education, so you are in the right place. And if by the time you're done with this episode, you get lots of value from it, please share, promote and talk about the show so that your friends and family members in Nigeria and abroad can benefit from the questions that we tackle.

They can do that by subscribing on Spotify, YouTube, Apple, or any podcast player of your choice of their choice. Rather then if you have any sales or marketing questions, bring them to me. You can call SMS or WhatsApp me on 08064662140. Now today on the show, I want us to look at social capital in business and entrepreneurship. The reason why I want us to look at this today is because I've been making a series of introductions to podcast listeners.

Well, you know, people reach out, you know, they have problems, you know, this and this, that and that. And sometimes I think there's a way I can help and I'm open to make to making some introductions. So in the past 24 hours, I've made some introductions to some folks, some podcast listeners. And it has given me the impression that some of you have very little appreciation for social capital in business. You guys don't understand what it is.

And for those of you who understand what it is, you guys do not appreciate why it is important or why you should take it seriously. So in the last 24 hours, I've made two introductions. I've made one introduction to because there's a podcast listener who is a CEO of a pharmaceuticals business and I've made an introduction so that he can appear on a radio show. You know, I spoke to one of my contacts in another radio station.

I basically just guaranteed him a slot on the air for a certain time, you know, that sort of thing. I made the introduction, but then it turns out the guy didn't call and he's like 24 hours later. Then the second introduction that I've made is someone who wants to get into the business of producing marine engine engine oil. If I didn't know that such a thing as marine engine oil exists. Because I just figured that engine oil is just made according to the different, you know, how large the, the engine is.

So, you know, I, I know that cars have different engine oils from motorcycles have different engine oils from generators. But I had no idea that marine equipment, that's equipment that you use on high seas, whether it's your, you know, shipping boat or your drills that you're using to mine oil and gas, that they need different engine oils. So there's a podcast listener who is new and who wants to get into that space. So I made an introduction as well because there are a couple of courses that he needs to take because he has currently bought some equipment.

They're coming in from India. It'll take a while before it lands. In the meantime, the guy wants to know one or two things because you can't buy this expensive equipment. And yes, your boys have been trained up, but then you, you don't now know anything about it because it will be somehow because your boys can come and say today, this is the problem, this is the problem, you know, and you, you won't even know heads or tails about where to troubleshoot.

So I made a couple of calls and I found him someone who has knowledge in these sorts of things and who is willing to train him up on these sorts of things. So in the past 24 hours, you know, those are the introductions that I've made to podcast listeners or rather made for podcast listeners. And I've done that for free. So why do I do this? The reason why I do this is because I have got some social capital over the years, been doing this for at least five years.

And by that I mean the podcast. And before then I've been involved in several businesses in one way or another. So I have built up some social capital. And apart from that, I'm trying to help because I like to help. But like I said, the problem is some of you don't know what social capital is. You don't appreciate what social capital is. You don't take advantage of these introductions. You don't take advantage of these opportunities.

And so when I try and hook up some of these things, I end up looking on Sirius and I'm left looking like a fool. Think about it, The guy, the radio show, I make the introduction, if not through me and the guy had to go on his own could have had to pay the current market rates, you know which are high. I called, I set the whole thing up. I was able to get him good rates. 24 hours later the guy hadn't called. So the marketing manager now called me to say look how far this your guy didn't call.

I don't appreciate these kind of things. We negotiated everything or not. Please next time if this kind of person is not interested, I beg, don't waste my time. And that's how the conversation ended. So you can see that I am the one now trying to do some good. I end up looking on Sirius. I end up looking like a fool. I am burning my own social capital because some of you do not understand and are not properly taking advantage of some of these things.

So that's the reason why I'm making today's podcast episode. So First off, we need to understand, Sir, what is even social capital? Social capital just means goodwill, good relations, and trust that people or businesses have built over time. So let me repeat, social capital just means goodwill, good relations, or trust that people have built over time. Now, the different aspects involved when it comes to social capital, like networks, because like I said, I know one or two people.

I can make one or two phone calls whenever you guys reach out to me or whenever my paid clients reach out to me to say, look, this is a problem I have, blah, blah, blah. There are one or two people that I can call to see how we can work things out. Now, why is all this important? Why is social capital important? Networks and all these things, relationships, the reason why they're important. Please, you guys should pay attention.

For those of you who don't appreciate what social capital is, is because it leads to enhanced collaborations. People can now collaborate on things faster, sharper. Think about it. You're coming new into the oil and gas base. You don't know what's up, but you know somebody who can make an introduction. The person makes an introduction. If you take advantage of it, things can be moving sharp, sharp, sharp for you because somebody has made an introduction.

The same thing with the guy who was able to hook up on the radio. If you only do it by yourself, it might take some time. It might be more expensive. You know someone who can make some introductions. Some things can move sharp, sharp, sharp. You jump on it, things can also move sharp for your business or for whatever agenda that you're trying to pursue. So social capital is important because it leads to enhanced collaboration.

It also gives you easier access to resources. For the guy that we're talking about on the radio show, putting him on the radio at a cheaper rate. He's getting access to resources and he's getting access to those resources at a subsidised rate. OK, the subsidy is not too big sharp, but at least we're able to remove something and then goodwill, social capital. Another reason why these things are important is because it leads to stronger reputation and an enhanced brand for everybody who is involved.

If I try and hook you up, this thing works out well. My brand becomes stronger because other people now say Tavi Shima is a correct guy. He's a stand up guy. If you're in trouble, if you need this Buzzard guy, he'll sort you out. My brand becomes stronger. If the pharmaceutical guy gets on this radio show, everything works out well. He's able to get some leads, he's able to get some business, he's able to get some visibility.

His brand also grows. The same thing for the guy who wants to get into engine oil production, oil and gas, if he goes for this thing and he's a correct student, he's a stand up guy. He applies our brand collectively grows me that did the hookup, the tutor because he has got a new student, the other guy because he has gotten some enhanced knowledge base. He now is be able to, you know, position himself as a pro because it's not just that he bought fancy machines to start this business, but he also knows what's up.

So it's good for everybody. Everybody ends up having stronger reputation and a stronger brand as a result. This is the reason why social capital is important now. What should you do? You listening to the podcast right now, whether you've reached out to me in the past or whether you're going to reach out to me in the future, whether it is me that makes the recommendation or whether it's Popsy or Momsy or somebody in your church or somebody in the office or somebody in the mosque.

This is what you should do. Take advantage of other people's social capital when they're willing to put it on the line. So if you're if you know the chief Imam and chief imam says I will call Abu Baker. So, so, so and so take advantage of that opportunity. Don't let it be that Chief Imam makes the introduction and then, you know, oh, I'll call him tomorrow. And then, oh, my car broke down and then, oh, I was quarreling with my girlfriend and then, oh,

you know, this and this and that and that. Take advantage when other people are willing to put their social capital on the line. Also when you do that, you should try and either not either, you should, when you take advantage of that, try and build and enhance on the other person's social capital. So if somebody, if Chief Imam calls you and says, OK, I'll introduce you to Abubakar, so, so and so Alhaji Abubakar, when you go to Alhaji Abubakar's office, you have to be on point so that the thing will reflect well on Chief Imam.

Use this thing and build Chief Imam's credibility, build his own social capital, enhance it, reinforce it. Because if you go there looking like a fool, the thing will bounce back on Chief Imam. So take advantage of these things, but then put your best foot forward. If anybody's willing to make these introductions, the reason why I'm making this podcast episode is because some of you don't understand. You don't know what's up.

I can say so confidently because I was like you guys a couple of years ago back when I was in the wedding space. I was working on the project with doing some interviews for Bella Niger. I had to interview one guy, I can't remember his name now anyway, but he was in the video space. He's one of these people who started using cinematography principles and applying it to wedding videos. So I, you know, interviewed the guy.

So me and him, you know, had small rapport. And then one time I did something, so I called the guy up. Now I'm like you, bro, what's up now? How you did say, I beg, I want to do this. This is this. I beg can't introduce me to so, so, so and so. And the guy told me straight up. He said, no, no, no, I don't do introductions. I don't do referrals. And I was like, anyway, I just freed the conversation by online. I was angry with the guy for a very long time.

It's like dude, this is a simple thing, why not just hook up this introduction? I had a conversation with him later about it and he said it is because in the past he has made introductions and the thing has ended up rubbishing him. So on principle, he introduces nobody. Now that I've started making introductions, and now that some of these things are bouncing back on me, I can now see why he would not make the introduction.

Some people will say Dangote is stingy, that Dangote does introduce you to contacts. Some of the gist I've heard. How would he be stingy? I won't be surprised if he too, has had some situations where he tried to introduce one or two people and the thing now blew back on him. You know, ended up looking like an idiot. This thing happens all the time. There's one of my former clients, Magnisi. She's in the leather. They make exquisite high end leather bags.

She's been a resource person for Smedang. She's been a resource person for echoers and for some entrepreneurial thing. You know that they meet in Paris once in a while, spoken on international stages. And I met someone who's running a networking group for women and she was like, oh, I'd love to introduce this, but I'd love to interview this person. I was like, oh, I can hook it up. She goes to the same school that my children's, you know, our children go to the same school and she's a former client.

I can hook it up. I called Magnisi. She was willing to talk for free. And then the babe never called. That kind of thing bounces back on me and I'll look like I'm on serious and I'll look like a fool. Please, when somebody is willing to put their own social capital for you on the line, take good advantage of it. Make a good show. Call the person, attend the meeting, do whatever it is. Put your best foot forward. You are building your own brand.

By doing that, you're giving yourself access to new networks. By doing that, you're building a stronger reputation for yourself. And if you put a good foot forward, you would also be enhancing the relationship of the other person who referred you. That is what will make the person happy to refer you again in the future because the best will not OK, this is my guy or this is my babe. Every time I introduce them, they come correct?

So take advantage. Not many people are willing to risk their social capital by making introductions. So when you meet someone who is willing to risk their social capital, do not betray them. Don't make them end up looking like a fool. So that's all for today. I hope you guys now understand what social capital is, why social capital is important, and how you can use other people's social capital to even end up building your own.

Oh, sorry about that. The neighbor is banging something in his kitchen and you know how we build our houses here in Nigeria now. So any kind of noise just just builds in anyhow. So that's all for today. If you've got sales and marketing questions, bring them to me. Call SMS or WhatsApp on 08064662140. Thank you very much for your time and attention. I'll catch you, dear listener, at the next episode.